Firms cut spending on plant and equipment by the most in a decade in the second quarter, the government said Tuesday, as the coronavirus pandemic delivered a heavy blow to business activity.
The negative reading comes after the government called a state of emergency early in the second quarter in a bid to tackle the health crisis, which also led to sharp falls in corporate profits and sales in the quarter.
Capital spending shed 11.3 percent between April and June year-on-year, the biggest drop since the first quarter of 2010, as the COVID-19 crisis hit investments by the manufacturing and service sectors, Finance Ministry data showed Tuesday.